ï öaöa öa öaöa öa g g g g <f) g @ G1J( fð. b)@ New York"s First Bank ..5 ciiQ @ ç-- @ New York Clearing House 3 Fou;;;; in *t @ Q r0 * Me;:,e;hiP <f) g g " @ K 3 <f) g ð .- g g <f) Q) <f) g <f) g Q) g <f) g "Many M rkets" . Q) g The total value of all common stocks not partIcIpate equally in business 8 <f) g <f) listed on the New York Stock Ex- im p rovement. A hi g h de g ree of dis- g <f) g change increased 29.4% during 1936, crimination must always be exercised Q) according to the N ew York Stock Ex- in the choice of investments and their changeBulletin. But of the 683 actively later supervision. This is true not 8 g traded issues, 120 actually declined in only of equity securities, but also of 3 price. While certain issues quadrupled every other type of investment. <f) Q) in value during the year others de- This bank maintains an extensive clined as much as 85%. Based upon Investment Research organization 8 <f) Q) this analysis of price changes, the whose continuous studies serve as a Bulletin states that "the stock market guide in the investment of all trust 5 g g is not one market, but many markets funds in its care. Such an organiza- with widely diverse price trends." tion will make mistakes. But in the 8 <f) g Here is clear proof of the difficuI- long run we believe its performance <ð ties of successful investing even in will be better than that of the aver- 8 <f) g periods of general business recovery. age individual who can devote only 8 <ö All industries and corporations do part of his time to the task. (ð Y g Q) Q) g This bank is now administering trust accounts whose makers 8 <f) Q) or beneficiaries are located in 39 States 8 <f) 0 and 14- foreign countries. <f) g <f) 0 g g BANK OF NEW YORK &7> TRUST COMPANY 0 0 0 4 8 Wall Street · New York 8 g 6 g UPTOWN OFFICE: MADISON AVENUE AT 3 RD STREET 8 0 Q Q <f) Q <f) g <f) Q <f) Copynght 1987 --Bank of N. Y. & Trust Co. Q Q QQ QQ Q QQQ QQ QQQQ QQ QQQQQQQQQ QQQQQ QQQ 9QQQQ QQ Q